This week saw two interesting interviews take place in the alternative financial media regarding China being on the cusp of bringing a return to gold backed money.
The first one involved precious metal analyst Steve St. Angelo of SRSRocco who is seeing the connection between China, Russia, and India purchasing extreme amounts of gold while at the same time the petrodollar system is dying due to energy being on the downside of peak oil. And once the petrodollar is no longer acknowledged, then the U.S. loses its authority over the global reserve currency.
Then on Friday well known financial analyst Dr. Stephen Leeb intimated that the U.S.’s desperate ploy over North Korea is driving their allies in the Far East into China’s camp, and that this will soon help China become the dominant economy in the Eastern sphere. And when this happens, China will introduce a gold backed monetary system that with the help of Russia’s dominance in the energy market, bring an end to U.S. hegemony since the dollar will no longer allow them to sustain their empire or global reach.
China then becomes the de facto king of the Eastern part of the globe, which basically means they are king of the world. Now we’re fortunate and we could live under this. And I will tell you that once China’s secure in (ruling) the Eastern hemisphere, one of the first things they are going to do is switch currencies (to a gold-backed yuan). There is no reason for them to use the dollar at that point. – King World News
With Donald Trump calling for the start of a trade war on Monday against China, and the Far Eastern power having the final say over what North Korea does in their nuclear program, all the cards are in China’s hands. And the more Washington attempts to conduct economic warfare against Russia and China for not ceding to their will, the sooner these two nations will implement their own nuclear option by ending the petrodollar system, and backing their currencies with a gold standard the U.S. cannot compete against.
Source: The Daily Economist